CAVA Group (NYSE:CAVA) PT Set at $95.00 by Melius Research

by · The Markets Daily

CAVA Group (NYSE:CAVA – Get Free Report) has been assigned a $95.00 price objective by stock analysts at Melius Research in a report released on Thursday, Marketbeat reports. The firm presently has a “buy” rating on the stock. Melius Research’s target price suggests a potential upside of 79.21% from the company’s previous close.

CAVA has been the topic of a number of other research reports. TD Cowen dropped their price objective on CAVA Group from $100.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Wolfe Research lifted their price target on CAVA Group from $79.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 12th. UBS Group upgraded CAVA Group from a “neutral” rating to a “buy” rating and increased their price objective for the company from $85.00 to $90.00 in a research report on Wednesday, June 10th. JPMorgan Chase & Co. cut their target price on CAVA Group from $85.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, September 18th. Finally, Guggenheim decreased their price objective on shares of CAVA Group from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, CAVA Group has an average rating of “Moderate Buy” and a consensus price target of $88.88.

Check Out Our Latest Stock Report on CAVA Group

CAVA Group Price Performance

Shares of CAVA Group stock traded up $0.94 during trading hours on Thursday, hitting $53.01. 201,383 shares of the company’s stock traded hands, compared to its average volume of 3,373,284. The company has a fifty day simple moving average of $60.69 and a 200-day simple moving average of $73.18. CAVA Group has a 12-month low of $43.41 and a 12-month high of $98.79. The stock has a market capitalization of $6.19 billion, a price-to-earnings ratio of 96.19, a PEG ratio of 4.08 and a beta of 1.80.

CAVA Group (NYSE:CAVA – Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $368.44 million for the quarter, compared to analysts’ expectations of $360.09 million. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.The firm’s quarterly revenue was up 31.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.16 EPS. On average, analysts forecast that CAVA Group will post 0.55 EPS for the current fiscal year.

CAVA Group announced that its Board of Directors has approved a stock repurchase program on Friday, September 18th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 1.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at CAVA Group

In related news, insider Douglas Thompson bought 6,500 shares of the company’s stock in a transaction on Monday, August 31st. The shares were acquired at an average price of $66.52 per share, with a total value of $432,380.00. Following the transaction, the insider owned 19,371 shares of the company’s stock, valued at $1,288,558.92. The trade was a 50.50% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.70% of the company’s stock.

Institutional Trading of CAVA Group

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of CAVA Group in the 2nd quarter valued at $757,013,000. Wellington Management Group LLP grew its holdings in CAVA Group by 76.9% in the second quarter. Wellington Management Group LLP now owns 1,605,508 shares of the company’s stock valued at $126,000,000 after purchasing an additional 697,699 shares during the period. Primecap Management Co. CA purchased a new stake in shares of CAVA Group in the second quarter valued at approximately $92,956,000. William Blair Investment Management LLC acquired a new stake in shares of CAVA Group in the second quarter valued at about $89,861,000. Finally, Prime Capital Management Co Ltd increased its stake in shares of CAVA Group by 90.6% during the fourth quarter. Prime Capital Management Co Ltd now owns 1,031,630 shares of the company’s stock worth $60,546,000 after purchasing an additional 490,300 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors and hedge funds.

About CAVA Group

(Get Free Report)

CAVA Group, Inc is a fast-casual restaurant company focused on Mediterranean-inspired food and hospitality. Its restaurants offer customizable meals such as grain bowls, salads, pitas and dips, with ingredients and flavors influenced by the cuisines of the Mediterranean region. The company also provides digital ordering, delivery and catering services through its restaurant platform.

CAVA began as a Washington, DC-area restaurant concept and has expanded its operations across the United States.

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